Turkey Consumer Confidence August 2019

Sentiment among Turkish consumers improved slightly in August after dropping to a near-record low in July, with the consumer confidence index rising to 58.3 in August from 56.5. As a result, the index inched closer the neutral 100-point mark, but remained deeply entrenched in pessimistic territory.

August’s uptick was due to consumers’ less pessimistic assessment of the economic outlook and their financial situation. Moreover, households held less negative expectations for the labor market in August and their probability of saving improved.

Business conditions in Turkey’s manufacturing sector continued to deteriorate in May, albeit at a softer pace compared to the prior month, with the Istanbul Chamber of Industry Turkey Purchasing Managers’ Index (PMI) rising to 40.9 from 33.4 in April.

The Central Bank once again cut the one-week repo rate at its 21 May meeting, this time by 50 basis points to bring the rate down to 8.25%—the lowest it has been in two years, since before the country’s 2018 currency crisis.

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